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McEwen Mining Inc. (MUX-1.47%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a net loss of $43.7 million for the year, compared to a net income of $55.3 million in the previous year. The loss was primarily attributed to the absence of a one-time gain from the deconsolidation of McEwen Copper Inc. that was recorded in 2023.
Revenue from gold and silver sales increased to $174.5 million, up from $166.2 million in 2023, despite a decrease in gold equivalent ounces sold. This increase was driven by higher realized gold prices.
The company reported a gross profit of $30.9 million, an improvement from $17.8 million in the prior year, due to increased revenue and reduced production costs.
Production costs applicable to sales decreased by 5% to $113.3 million, reflecting lower volumes of processed mineralized material.
Adjusted EBITDA for the year was $29.2 million, up from $7.7 million in 2023, reflecting improved operational performance.
The company achieved its annual consolidated gold equivalent ounce production guidance, producing 135,884 GEOs, with notable contributions from its Gold Bar and Fox Complex operations.
McEwen Mining's operations faced challenges including lower grades at the Fox Complex and inflationary pressures at the San José mine in Argentina.
The company continued to advance its Los Azules copper project in Argentina, with significant investments in exploration and development activities.
McEwen Mining's liquidity position was supported by a flow-through share issuance and a private placement offering by McEwen Copper, which raised $37.0 million.
The company identified a material weakness in its internal controls over financial reporting, specifically in the area of income taxes, which it is working to address.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the McEwen Mining Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.